"First, we have to deal with quantitative easing," Gundlach said. The Fed is purchasing $85 billion of Treasurys and mortgage-backed securities a month.

"As long as there is a dollar of quantitative easing, short term interest rates are not going to go up. So, quantitative easing is not even going away."

Andrew Busch, editor of The Busch Update newsletter, told CNBC and Yahoo's Talking Numbers that weak economic data stemming from the government shutdown could push the 10-year Treasury yield down to 2.40 to 2.45 percent.

The yield stood at 2.61 percent late Monday, after touching a 12-week low of 2.54 percent on Friday.

Thomas di Galoma, head of rates sales at ED&F Man Capital Markets, agrees with much of Gundlach and Busch's points.

"The economic numbers don’t warrant tapering at this point," he told Bloomberg. "They may turn softer because of what’s taken place in Washington over the last month."